THE PRESIDENT: Good morning. This week, the federal government
took decisive action against corporate fraud and abuse. The Justice
Department arrested several executives who used a public company as a
personal loan agency, while hiding their actions from investors and
employees. Additional investigations coordinated by our corporate
fraud task force are underway across the country. It should be clear
to every shareholder, investor and employee in America that this
administration will investigate, arrest and prosecute corporate
executives who break the law.

During the last several months, I've called on Congress to pass
strong reforms to hold corporate officers accountable for their
actions. This week, members of Congress responded to that call. The
House and the Senate passed bipartisan reforms, increasing the
penalties for corporate wrongdoers and creating tougher standards for
corporate auditors, so that investors and employees can trust the
accounting statements of their public companies. This legislation will
help reassure Americans that our economic system is sound and fair. I
thank the Congress for their hard work, and I look forward to signing
the bill next week.

Members of the United States Senate have one more week before they
head home for August recess. I urge them to take up several important
issues. The Senate should pass trade promotion authority, which will
give me a stronger hand in negotiating foreign trade agreements. Trade
agreements create good jobs and economic growth, because they open new
markets to America's farmers and ranchers and manufacturers. I urge
the Senate to get a final bill to my desk so I can immediately take
action that will create jobs and strengthen the economy.

The Senate should pass the defense appropriations bill, which
includes the largest increases in defense spending since the Reagan
years. Our military needs to plan for a long war on terror and prepare
for all the missions that lie ahead. The House passed its defense
appropriations bill in June; now the Senate must make the defense of
our country a top priority.

The Senate should not go home before approving a new Department of
Homeland Security. This department will coordinate our nation's
response to grave national threats, to anticipate our enemies, analyze
our vulnerabilities, and act forcefully to address them. And the
Senate must give the Department of Homeland Security all of the
authority and flexibility it needs to protect the American people.

And the Senate should protect the retirement security of American
workers. In April, the House passed pension reforms based on my
proposals, to give workers more timely information and greater control
over their own retirement funds, as well as access to professional
investment advice. America's retirement security is too important to
fall victim to political game playing, and the Senate must act now.

By taking action on these issues, the Senate can advance our
national priorities of defending freedom, protecting our homeland and
strengthening our economy. The Senate now has one week left to make
progress for the American people, and I urge them to seize the
opportunity.